Bitcoin Price Drop and News

This week began with a flash crash, that knocked the price of bitcoin down by almost $300 (an 11.31% drop in less than 20 hours). The plunge started on Monday at 10:00 GMT, from the daily high of $2,527.11, before stopping twice at the new weekly low of $2,239.54. This price point seems to holding as a very strong support, despite immense selling pressure and considerable negative news coverage. Bloomberg was the most prominent among the mainstream, differentiating itself with a rather sensational tweet.

The actual article in question was slightly more objective, albeit a bit short.

There was further mention of both bitcoin and ethereum in one of the Fortune’s latest finance articles. Aside from citing possible new bitcoin lows below $1,900, ethereum was additionally specified as being a bubble asset, along with the whole crypto currency ecosystem in general.

Even so, there is no denying that the total market cap of all crypto currencies has substantially fallen. Roughly $35,000,000,000 in market cap has vanished in the last month alone. This flight to fiat has resulted in an approximate equal split between bitcoin (55%) and altcoins (45%). The ethereum market cap accounts for $20,910,000,000 alone, which is more than ripple at $7,503,000,000 and the remaining crypto currencies combined, excluding the previously mentioned bitcoin.

Bitcoin had traded on July 10 at $2,527.11 until GMT 10:00. It was the beginning of an intense move down, that finally culminated in a new weekly Bitstamp low of $2,239.54 on July 11 (GMT 06:00). The new low ended up being a strong support on the next day as well, and has been holding for now, despite erratic trading.

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